Thursday, May 13, 2010

If I cosigned on a loan and she is married to someone else, m I still responsible?

She is my ex-wife but remarried. I was stupid enough to cosign a student loan, (she was already remarried) for her and she spent all the money. In a community property state is her current husband responsible for debt before me?If I cosigned on a loan and she is married to someone else, m I still responsible?
You're next in line.





I wonder if there is a way for you to get out of it. Call up a lawyer, I guess.If I cosigned on a loan and she is married to someone else, m I still responsible?
Yes. That's what co-signing is; if she defaults on the loan, you are next in line as responsible party.
Dear Stupid,





Live and learn ex-husband sucker. Just hope the ex eventually repays the loan; otherwise your on the hook. Translation: If you have to pay- and don't, possibily kiss your credit rating bye bye bye.
If she defaults on a loan, the first person they'll go after is you. This is why you should never co-sign for a loan unless you are willing to take it on or do it only for a person who you love deeply.
If she is married to someone else, why on earth didn't HE sign for her?





If she has a car or anything else of value, maybe you can put a lien on it to force her to pay you back. If you can talk to a lawyer to see exactly what you can do.





The good news is that you got rid of her. Now he is this guy's problem.





Look at the loan as a small price to pay for your freedom


If you had to pay her child support, ask the courts to deduct the amount she defaulted on from what you owe.





Consider the loan as cheap tuition in the school of hard knocks.


Try to pay it before it screws up your credit.





After she uses this new husband she will come begging you back


RUN
You are on the hook. Community property plays no roll.
You signed it....it's your bill....co-signing is guaranteeing the lender that if the principle (your ex) defaults...you are going to pay the bill
Well her and her husband is really ';one';. If ';they'; do not pay, then they will come after you. That is what a co-signer is...they are responsible for the debt if the primary signer doesn't pay it. It will effect both of your credit.
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